Circle (CRCL), the issuer behind USDC stablecoin, is gaining strong momentum in public markets following a bold outlook from analysts at Bernstein, who labeled the company the “internet dollar network for the next decade.” With a newly set price target of $230, Bernstein expects Circle to play a pivotal role in the transformation of global finance.
Circle’s Public Debut and Performance
Circle went public on June 5, 2025, with an initial price of $31, in what was described as one of the most oversubscribed IPOs in years. The stock surged 167% on day one and reached a peak of $292 on June 23 before a recent correction to $180.43.
“We view CRCL as an investor must-hold, to participate in the new internet-scale financial system built for the next decade,” said Bernstein’s analysts.
Stablecoins: A $4 Trillion Opportunity
According to Bernstein’s research, the stablecoin market is projected to grow from $244 billion to $4 trillion over the next decade. Circle is expected to capture about 30% of that share, a modest increase from its current 25%. Analysts believe stablecoins will expand beyond crypto trading into:
- Global payments
- Tokenized capital markets
- Onchain financial services
Bernstein considers USDC to have a regulatory and liquidity edge over competitors, noting its $61.4 billion supply and strong compliance under the new GENIUS Act, passed by the U.S. Senate.
Why Circle Has a Competitive Advantage
Circle’s advantages include:
- First-mover liquidity flywheel
- Institutional-grade regulatory compliance
- Partnerships beyond crypto exchanges
The cold-start problem faced by newer entrants further strengthens Circle’s moat. Unlike smaller stablecoin issuers, Circle’s liquidity and trust are difficult to replicate.
Financial Outlook and Valuation
Bernstein’s $230 valuation for Circle is based on a 10-year discounted cash flow (DCF) model. The firm forecasts:
- 47% compound annual revenue growth (2024–2027)
- 71% compound annual EBITDA growth
- A trading multiple of 35x 2027 EBITDA
Even after recent rate-driven volatility, USDC adoption is expected to continue rising, supporting long-term bullish sentiment.
Outlook
Bernstein’s $230 price target reinforces growing institutional confidence in Circle as the dominant U.S.-regulated stablecoin provider. Positioned at the heart of digital finance, Circle is poised to benefit from the multi-trillion-dollar shift toward blockchain-native money infrastructure.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.